SF 1366

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to metropolitan government; providing for the
additional financing of metropolitan area transit and
paratransit capital expenditures; authorizing the
issuance of certain obligations; repealing
restrictions on the issuance of general obligation
bonds for the Hiawatha light rail transit line;
amending Minnesota Statutes 2004, section 473.39, by
adding a subdivision; repealing Minnesota Statutes
2004, section 473.39, subdivision 1f.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 473.39, is
amended by adding a subdivision to read:

new text begin Subd. 1k. new text end

new text begin Obligations. new text end

new text begin After July 1, 2004, in addition
to the authority in subdivisions 1a, 1b, 1c, 1d, 1e, 1g, 1h, 1i,
and 1j, the council may issue certificates of indebtedness,
bonds, or other obligations under this section in an amount not
exceeding $64,000,000 for capital expenditures as prescribed in
the council's regional transit master plan and transit capital
improvement program and for related costs, including the costs
of issuance and sale of the obligations.
new text end

Sec. 2. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2004, section 473.39, subdivision 1f, is
repealed.
new text end

Sec. 3. new text begin APPLICATION.
new text end

new text begin This act applies in the counties of Anoka, Carver, Dakota,
Hennepin, Ramsey, Scott, and Washington.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end